Reuters: Hot Stocks: Australia shares seen steady as U.S. dollar slips

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Australia shares seen steady as U.S. dollar slips May 20th 2013, 22:46 Tweet Share this Email Print Mon May 20, 2013 6:46pm EDT MELBOURNE, May 21 (Reuters) - Australian shares are likely to open roughly unchanged on Tuesday with buyers taking profits following the market's run-up to 5-1/2 year highs and as the U.S. dollar fell against the Aussie. * Local share price index futures rose 0.1 percent to 5,227.0, a 7-point premium to the underlying S&P/ASX 200 index close. The benchmark rose 0.5 percent on Monday. * New Zealand's benchmark NZX 50 index fell 0.2 percent in early trade to 4.587.3. * U.S. stocks ended little changed on Monday, with indexes hovering near record levels as concerns about a correction cut early gains that had been prompted by news about a flurry of acquisitions. * Copper rose to its highest in almost a week on Monday, helped by a weaker U.S. dollar and shrinking inventories of the metal in Asia, but concerns about sluggish Chinese growth capped gains. Gold gained nearly 3 percent. * Transfield Services joined a string of mining services companies slashing their profit forecasts. It cut its forecast for net profit after tax, but before amortisation and impairments, by about 27 percent to A$62-65 million, hit by a slowdown in mining and processing work. * The Australian dollar rose nearly 1 percent against the U.S. dollar as traders pared back expectations the Federal Reserve would hint at tapering U.S. bond purchases this week. A fall in the Aussie in recent days had boosted stocks with strong exposure to the U.S. market. ----------------------MARKET SNAPSHOT @ 2211 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1666.29 -0.07% -1.180 USD/JPY 102.25 -0.01% -0.010 10-YR US TSY YLD 1.9647 -- 0.000 SPOT GOLD 1392.59 -0.03% -0.450 US CRUDE 96.71 0.00% 0.000 DOW JONES 15335.28 -0.12% -19.12 ASIA ADRS 147.88 0.62% 0.91 ------------------------------------------------------------- * Wall St ends flat on correction worries * Oil ends higher on weaker dollar, supplies weigh * Silver and gold lurch higher after an early dive * Copper hits 1-week high as dollar falls For a digest of the day's business stories in Australian newspapers, double click on (Reporting by Sonali Paul; Editing by Richard Pullin) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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